By Judy Szablak
Special to WestportNow
While unit sales are down about 6 percent year-to-date from last year in Westport, prices have remained fairly steady.
Featured Home: This home at 87 Maple Ave. South is listed at $4,249,000. (CLICK TO ENLARGE) Photo courtesy of William Pitt Sotheby’s Westport
The average price this year is $1,537,023 with the highest sale being on Beachside Avenue for $8.8 million. Four properties closed above $5 million, whereas last year, six were closed at this time.
The highest sale reported last year was also on Beachside for $16 million.
Sales reported through our Multiple Listing Service through Oct. 31 show that we are just shy of 2015 numbers at this time by 17 sales.
It is important to note that by excluding home sales over $5 million, our average sale prices are pretty much on par with last year.
Although we are lagging somewhat behind the latest report from Case-Shiller, our upper-end home unit sales are down, which have brought down our townwide averages.
David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices noted that “with the national home price index almost surpassing the peak set 10 years ago, one question is how the housing recovery compares with the stock market recovery.”
CoreLogic estimates that nationally, home prices will rise 5.2 percent in the year ahead.
Market Stats
There are now 327 homes on the market, which have been listed for an average of 137 days, with a cumulative market time of 240 days. The average list price is $2,205,355 and the median price is now $1,699,000.
A home on Beachside Avenue is the highest priced property for sale at $32 million, and the lowest available priced single family is a five-bedroom cape on Ferry Lane East for $349,000.
Fourteen new listings came on the market in the last seven days, and one property came back on the market after being under deposit, or temporarily withdrawn. Twenty properties had a price change.
Ten properties have gone under the initial deposit stage, which we call CTS, and another six properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.
The average price of those six pending properties was $1,394,983. There are currently 20 homes in CTS status throughout Westport, and another 36 properties scheduled to close town-wide, with an average price of $1,478,517.
Closings: There were nine single-family homes reported as sold in the last week, and they were listed on average at $1,741,500 with an average market time of 164 days. There were 73 status changes in the last seven days.
Condos: There are 14 condominiums that are available, and they have been listed an average of 77 days. Their average listing price is $580,571 and the median price is $527,000.
The highest priced condo is listed at $899,000 and is a three-bedroom home at Regents Park, and the lowest priced unit for sale is a two bedroom townhome on Hills Lane for $329,000.
There were no new listings this week, and no homes came back on the market. There were two price changes, and no properties went under the initial stage of deposit. One home entered pending status, and was listed at $580,000.
There is one property town-wide that is currently in CTS status, and there are four properties scheduled to close.
No sales were reported during the last week. There were three status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 73 homes or apartments available. The median price is $4,700 per month and the average price is $6,713 per month.
These year round rental opportunities have been on the market an average of 80 days.
There are 33 short-term rental opportunities that are available, and they have been on the market an average of 68 days. Their average price is $9,055 and the median price is $5,000.
Please note that seasonal rental prices are sometimes listed as an aggregate price for the season, or they can be listed as per the monthly rental cost.
Source: Market Data is compiled from the GFC-CMLS and represents activity through our local MLS system. Private sales are not included in these statistics.
Featured Home
This home at 87 Maple Ave. South is listed at $4,249,000.
This 11-room home is one of the highest examples of the Queen Anne-style in Westport. Circa 1870, inspired by the Italianate style founded in England in this period, and meticulously maintained, this home offers the expected amenities for today’s lifestyle.
Known as the “Franklin Whitehead Estate.” this five-bedroom Greens Farms antique home is gracious with European elegance.
An air of sophistication abounds throughout this 6,341-square foot home. The main living areas are spacious yet intimate.
The magnificent great room is 900-square feet, with a Tuscan stone floor, Palladian windows, and views of the side balcony and 2.37-acre level rear property.
A stunning warm white kitchen features floor-to-ceiling glass front cabinetry, top of the line appliances including a Traulsen, temperature controlled wine cabinet and butler’s pantry.
The main level en suite bedroom is a perfect for a private guest suite or nanny residence.
The second level features a master bedroom suite with two dressing areas and two elegant marble baths.
There are two additional bedrooms en suite and on the third level, and en suite bedroom and sitting area. The lower level features a wine cellar, a climate controlled 6,000-bottle collection room and dining salon.
Extras and items to note – five bedrooms, five full and two one-half baths, nine-foot ceilings on main level, hydro-air heating system, generator, two car garage and carport for up to four additional cars, side studio, climate controlled 6,000-bottle wine cellar, 1,440-square foot finished lower level, built-in outdoor grill, lawn sprinkler system, 1,958-square foot stone terrace and tennis court.
Annual taxes are $44,733.
Listing/photo courtesy of William Pitt Sotheby’s Westport.
(Editor’s Note: Judy Szablak of Coldwell Banker Westport – Riverside, Fairfield County CT Realtor since 1984 is author of “The Art of Buying or Selling a Home,” and featured on HGTV’s real estate show, “Desperate to Buy.” Email .(JavaScript must be enabled to view this email address) or visit her online at http://www.CThomesAndRealEstate.com.
